SUMMARY
Gold prices rose for the third straight session on Thursday (March 20) as investors sought safe-haven assets after the US Federal Reserve held interest rates steady. Analysts say expectations of rate cuts later this year are driving the rally, with major financial institutions setting aggressive gold price targets for 2025.
1 / 5Gold futures reached a lifetime high of $3,065.09 per ounce in New York, while in India, 24K gold prices rose to ₹90,450 per 10 grams, and 22K gold climbed to ₹82,910 per 10 grams.
2 / 5Colin Shah, MD of Kama Jewelry, noted, “The Fed anticipates inflation to rise while economic growth may soften. Additionally, ongoing tariff threats by Trump could dampen growth. Given this backdrop, gold remains in a bullish phase, with potential to scale new levels. We reiterate our view of gold touching $3,100 per ounce globally and ₹91,000 per 10 grams domestically.”
3 / 5While Bank of America has set a target of $3,000 per ounce, Goldman Sachs and BNP Paribas expect gold to reach $3,100 per ounce. ANZ projects gold prices to hit $3,100 per ounce in three months and $3,200 per ounce in six months. Similarly, UBS and Citi have forecasted gold at $3,200 per ounce.
4 / 5On the higher end, deVere Group and Saxobank anticipate gold reaching $3,300 by Q2 2025. Macquarie has projected a price of $3,500 per ounce, while DoubleLine holds the most bullish stance, expecting gold to rise to $4,000 per ounce.
5 / 5Rahul Kalantri, VP of Commodities at Mehta Equities, added, “Gold continues to rally on expectations of a Fed rate cut and ongoing macroeconomic uncertainty. With multiple global factors at play, investors can expect further price volatility in the bullion market.”